AR Setup - AR Set Up & Automation
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After the communities, charge codes have been created and assigned, save time by automating the following processes.
Users have the option to either Schedule or Automate their jobs.
Schedule Accrues the charges and notifies to review and post the charges.
Automate Accrues and posts the charges without any further user interaction.
Setup Recurring Charges
The AR apply charges feature is how you apply scheduled charges to the owner's ledgers. You can even schedule the application of charges to automatically run every month!
Late fee amounts are set on each individual Assessment and Special Assessment Codes.
Easily select the charge codes you want to apply the late fees too, and if you want to only charge the balance on the current month, we have a toggle for that.
Applying interest differs from late fees. The interest amount can be determined by 3 different methods.
1. Interest Based on Selected Account Codes Choosing this option will allow you to select the codes to charge interest on.
2. Simple Interest Simple interest will calculate ALL charges, excluding interest charges.
3. Compound Interest Compound interest will calculate ALL charges, including interest charges.